US House OKs Major Energy Efficiency,Renewable,Biofuels Bill

[brooklynite]

Source: CNN

WASHINGTON -(Dow Jones)- Despite a veto threat from the White House, the U.S. House of Representatives Thursday passed a comprehensive energy bill that will fundamentally change the way the country is fueled, impacting nearly every sector in the industry.

The 1,055-page Energy Independence and Security Act - which passed on a 235 to 181 vote - will now head to the Senate for approval though its chances in that chamber are less sure as several controversial measures may mean it won't be able to muster enough votes.

The bill would raise fuel economy standards for the first time in three decades to 35 miles per gallon by 2020; establish a nationwide renewable energy mandate; and boost biofuel production to 36 billion gallons a year by 2022. Under a $21 billion tax provision, more than $13 billion in tax breaks to oil companies would be repealed to help fund renewable energy, biofuels and energy efficiency. Companies such as ExxonMobil Corp. (XOM), Chevron Corp. (CVX), ConocoPhillips (COP), Royal Dutch Shell PLC (RDSA), and BP PLC (BP) will be the hardest hit by the tax repeals.

"It will be a shot heard 'round the world for energy independence for our country," said Speaker Nancy Pelosi, D-Calif. "It's about energy security, it's about environmental health, and it is a moral responsibility."

Read more: http://money.cnn.com/news/newsfeeds/articles/djf500/200712061603DOWJONESDJONLINE001138_FORTUNE5.htm

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If the Senate doesn't vote on and pass exactly the same Bill, this is dead, since the Republicans won't let this go to a Conference Committee.

[sss1977]

1. Moral responsibility?

Try IMPEACHMENT.

[kysrsoze]

2. The shot heard round the world, then forgotten after the veto. Whatever, Ms. Pelosi.

[ryanmuegge]

3. No kidding. I'm so tired of the illusion of dissent between these two parties.

[MasonJar]

4. I know that many DUers are peeved at Pelosi, but let's be fair; she has

just engineered a strong energy bill. Now it is up to the Senate, not Pelosi. Kudos to Nancy for getting this legislation passed through the House to the Senate. Let the Pugs vote against it at their peril and old Georgie veto it. He is headed for the 9th circle of Dante's hell anyway.

[happygoluckytoyou]

5. PASS THE BILLS AND MAKE THE PRICKS COME OUT OF THE DARK TO VETO THEM!!!!

AT LEAST THEN WE WILL KNOW WHO WE ARE VOTING FOR

---------FORCE THE IDIOTS TO VOTE ON KIDS, CRIME, WAR, TAXBREAKS , SERVICES, PORK, WAR, KICKING OUT THE PREZ AND VICE PREZ, POVERTY, HEALTHCARE...ETC...

BRING THOSE VOICES INTO THE OPEN AND OUT OF THEIR UNDISCLOSED LOCATIONS